The maximum amount of liability of the Insurer under an insurance policy. The premium rate is applied to the sum insured to determine the policy premium.
The maximum amount of liability of the Insurer under an insurance policy. The premium rate is applied to the sum insured to determine the policy premium.
Life Insurance provided for members of a group. It is most often issued to a group of employees, but may be issued to any group provided it is not formed for the purpose of buying insurance. The cost is lower than for individual policies because administrative expenses per life are decreased and measures taken against adverse selection are effective. See also Franchise Insurance and True Group.